New York Life Insurance Company (“New York Life” or “the company”) is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico.
New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2016 operating earnings of $1.954 billion. Total assets under management at year end 2016, with affiliates, totaled $538 billion. As of year-end 2016, New York Life’s surplus was $23.336 billion**. New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody’s Aaa; Standard & Poor’s AA+. (Source: Individual Third Party Ratings Report as of 8/17/16).
Financial strength, integrity and humanity—the values upon which New York Life was founded—have guided the company’s decisions and actions for over 170 years.
The Finance Operations Department at NYL serves as a central platform for providing solutions for the business across finance processes, data, and systems. The Finance Service Management team, which is part of Finance Operations, is responsible for providing strategic and operational support to the Finance Organization in managing the delivery of Co-sourced Operations and driving the serving management framework between various Finance Service Organization (FSO) and various finance functions/ business units as well as with the Co-sourcing vendor.
The Service Operations Lead will be accountable for establishing the Service Management framework between the various Finance functions in Corporate, Investments, Insurance and the FSO. This role will be responsible for developing process performance metrics and dashboards, evaluating systems to enable reporting, benchmarking the NYL Finance process performance against peers and developing SLAs/KPIs. He/she will also be accountable for driving process standardization and optimization opportunities for the FSO and other finance functions. This position will be responsible for developing the governance structure to manage the services that are being provided by the FSO to the Finance functions.
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*Based on revenue as reported by “Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual),” Fortune Magazine, June 17, 2016. See http://fortune.com/fortune500/ for methodology.
**Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company’s long-term financial strength and stability and is presented on a consolidated basis of the company.
1. Operating earnings is the key measure use by management to track Company’s profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US (GAAP), with certain adjustments Company believes to be appropriate as a measurement approach (non GAAP), primarily the removal of gains or losses on investments and related adjustments.
2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.